持股预警披露制度的比较研究

A Comparative Study on Early Warning Disclosure System of Stock-Holding

持股预警披露制度是证券监管的重要组成部分。与英国、美国的相关监管规则相比,我国的持股预警披露制度仍有亟待完善之处。为此,应当放弃以持股比例为标准来划分简式权益披露与详式权益披露的做法,而改为以控制意图为标准;同时,为适应市场需求,节省监管成本,在机构投资者的披露内容和披露时限方面应当制定必要的例外规则。

Early warning disclosure system of stock-holding is one of the major parts of the securities regulation for the takeover of listed companies. Compared with the rules and regulations of U.K and U.S.A, Chinese related mles should be improved. Vast, the standard to differentiate the disclosure requirements of simplified information and complicated information should be the intent of control, but not shareholding percentage. Second, it＇s necessary to establish exceptional rules for the institutional investors.